Weathering a Recession Together

Posted on by Robert J. Reeves
With the housing market and inflation rates changing so much lately, many couples are wondering if they’ll be weathering a recession together soon. Hopefully, the economy will stay strong, but it’s still important to understand how to get through financial ups and downs without conflict. Throughout a marriage, there will likely be some times when money is tight, and this can often lead to marital fights. Get comfortable talking about finances together so that you can be on the same page. Discuss a budget and think of ways to cut back on spending. Finally, don’t play the blame game, and instead work together towards mutual financial goals. Hopefully, you can weather any financial dips and be stronger for it.

Weathering a Recession Together: How to Overcome Financial Struggles as a Couple

Get Comfy Talking About Money

One of the best things you can do if you’re facing weathering a recession together is to get comfortable talking about money. Whether it’s a national economic crisis or a personal financial dip, you’ll need to be able to communicate effectively. It can be uncomfortable to talk about money at first, but it’s an important part of your marriage. Both spouses should have an overview of their financial health at all times, and both should be involved in financial decision-making.

Make a Budget

Another thing that you can do in advance of weathering a recession together is to make a budget. Knowing exactly how much money is coming in each month vs how much money you’re spending can be very helpful. Try to account for yearly bills like registration renewals and home warranties. Additionally, don’t forget about monthly subscription services, which can add up quickly.

Find Ways to Cut Back

Sit down together and try to think of ways that you can cut back. You might consider limiting the number of meals you eat out or choosing cheaper options. Look for coupons for groceries that are getting more and more expensive. Ask about options for payment plans for large medical bills, and try to buy second-hand when possible. Make sure that you both are cutting back and that it’s not just one partner making sacrifices.

Don’t Place the Blame

Finally, when weathering a recession together, don’t place blame. It’s easy to react to stress and tension by taking it out on your partner. Instead, try to brainstorm together about ways to save and set financial goals. Try to build up an emergency savings account, and then move on to other savings like retirement or travel. Finally, be honest with one another about spending habits, and don’t try to hide debts. Hopefully, the U.S. will avoid any large-scale economic struggles in the coming months, but even so, couples might be weathering a recession together if their finances take a dip. Every marriage has its ups and downs. And that includes financial windfalls and struggles. Money problems can be one of the leading causes of divorce, so try not to let your finances become a source of conflict. Get comfortable talking about money together, and create a budget so you know exactly how much money is coming in and going out. Additionally, try to find ways to cut back on spending where you can, and avoid blaming one another for economic struggles. Hopefully, you’ll be able to bounce back quickly from any financial struggles and be stronger on the other side as a couple.

Talking to Your Children About Separation

Posted on by Robert J. Reeves
Talking to your children about separation and divorce can be an incredibly painful conversation. For many couples, the fear of discussions like this forces them to stay married far longer than is healthy. The truth is, your children will be happier with parents that can peacefully co-parent than with parents that continue to live together with a toxic relationship. Present a united front and try to talk to them as a team. Choose age-appropriate resources to help you with explaining what’s happening. Reassure them that they’ll get used to these changes quickly and that you love them just the same as always. And finally, give them space to react and ask questions or voice concerns. While it can be difficult to have the conversation, hopefully, it will clear the path for honest communication about the transition they’re facing.

Talking to Your Children About Separation: Reassuring Them

Present a United Front

If you and your spouse are talking to your children about separation, it’s very helpful to present a united front. Sit down with them together and explain the situation without using harmful or blaming language. Don’t air all of your dirty laundries, but instead use simple and easy-to-understand terms. Even when you are apart, don’t trash talk one another in front of your children as it can create confusion and anxiety for them.

Choose Age-Appropriate Resources

Another thing that can be helpful when talking to your children about separation is to use age-appropriate resources. For younger children, there might be picture books or tv shows that focus on the concept of divorce and separation. For older children, they might appreciate having a peer counselor or therapist to speak to about their feelings.

Reassure Them

No matter what, be reassuring when talking to your children about separation. Children often take on a lot of the blame for parents splitting up. So make sure they understand that this was your choice and that you both love them just the same. Even older children can use a little extra reassurance during this transitional period. Additionally, let them know that you’ll all get used to these changes quickly and their lives will feel completely normal soon enough.

Let Them Ask Questions

Finally, after talking to your children about separation, give them plenty of space to process their emotions. They might react with anger, hurt, anxiety, or several other emotions. Give them space to ask any questions they need or voice any concerns. Older children might benefit from having a non-parent adult to talk to. And younger children might show signs of regression like issues with potty training or sleep. All of these reactions are normal, and your children will hopefully adjust quickly. Talking to your children about separation can be difficult, but it’s important to let them know what to expect in the coming weeks and months. Especially if you and your spouse are moving forward with a divorce. Talk to them as a team if you can, and avoid bashing each other or blaming one another in front of them. Use age-appropriate books and resources to help them understand. Be extra reassuring during this transitional stage, even with older children. And finally, give them plenty of time and space to process their reaction to the situation. Hopefully, you’ll all adjust quickly and move forward into the next chapter of your lives with peaceful co-parenting as a goal.

How to Create a Budget After Divorce

Posted on by Robert J. Reeves

Creating a budget after divorce is absolutely critical. Things have probably changed for you financially now that you’re separated. You may have to make some lifestyle changes in order to stick to a healthy budget. To set your budget, you first need to figure out exactly how much money is coming in. Next, calculate how much your essentials cost. Then calculate any discretionary spending and figure out how much of it you can cut out. And finally, track everything you pay for so you know whether or not you’ve stuck to your goal. Hopefully, by creating a budget, you’ll be able to adjust more easily to your new life and create a savings cushion.

How to Create a Budget After Divorce: Make a Plan and Stick to It

Figure Out Money Coming In

Creating a budget after divorce starts with calculating exactly how much money is coming in. This doesn’t mean your salary. This means your salary minus anything that gets taken out of it. For example, take into account taxes, social security, and 401k deductions. If you are receiving or paying out alimony or child support, include this. Your overall income might be very different now that you are calculating it without your spouse’s additional earnings. You need to know exactly how much money you have to work with at the end of the day.

Calculate Essentials

Next, when creating a budget after divorce, figure out your absolute essentials. You’ll want to know exactly how much money each month you need to survive. These include things like rent or mortgage payments, utilities, health insurance, and groceries. In addition, you may consider a car payment or internet access to work from home as essential needs. Don’t forget essentials for your children like daycare payments.

Calculate Discretionary Spending

Anything that isn’t essential is considered discretionary spending. This is where you can make lifestyle changes and possibly cut your spending if you’re trying to budget after divorce. Some of these things might feel a bit more essential than others. For example, maybe you could give up eating at restaurants several nights a week, but you really don’t think you could give up Netflix. Decide which things are necessary for you to really enjoy life and which things you might be able to reduce or cut out entirely. For example, perhaps you could subscribe to Netflix and Hulu and cut out your cable bill. Or find a car with a smaller monthly payment.

Track Your Spending

Finally, trying to stick to a budget after divorce means you have to track your spending. Otherwise, you won’t know whether or not you’ve actually stuck to your spending goals. Every time you spend money on anything, write it down. There are apps on your phone for this, like Mint, that will help you track your spending. They can give you some idea of how much you’re spending on things that really aren’t essential.

Creating a budget after divorce is important since your financial habits might need to change. It’s difficult to make the transition from two budgets to just one, but a budget will help. Figure out exactly how much money is coming in at the end of the day. Then figure out what your essentials are each month. Next, calculate how much you’d like to spend on discretionary things. And finally, track everything you spend money on so you know if you’re sticking to your goals. Budgeting is an important life skill and one that might serve you well in your new single life, and if you meet another partner down the road. Sticking to a budget might allow you to build up savings for things like home improvements, travel, and emergencies.

Organize for Your Divorce: Be Prepared

Posted on by Robert J. Reeves
It’s a good idea to organize for your divorce before it even starts. A divorce is an intense process. It can take a very long time and involves a lot of paperwork. It’s a good idea to go ahead and start preparing in advance so that you aren’t scrambling to find things later. Get together a list of contacts and documents that you might need. It’s also a good idea to organize your bank accounts and know what is in each of them and who’s names they are in. You should have a list of your assets both personal and marital. And finally, it’s a good idea to go ahead and have a general idea of what kind of childcare schedule might work for you after the divorce is final. Hopefully, being organized at the outset of the divorce can help it be a smoother process for you.

Organize for Your Divorce: Be Prepared Before It Starts

Comprise A List of Contacts

One thing you’ll need when you organize for your divorce is a list of contacts and documents. You will obviously need to find a divorce attorney. But you might also need to speak to a financial advisor and some other professionals. A realtor can give you advice about your living situation. And if you have children, it’s good to get a list of potential childcare providers ready. You will likely have a lot of court appearances and meetings to get to and might need to call in a babysitter periodically.

Organize Documents

The next thing to organize for your divorce is legal documents. Get a folder so that you can keep things separated. You’ll probably want to keep a place for emails with your attorney and your spouse. You might need to show bank statements, bills, loan documents, and others. You might also need copies of things like your marriage license and birth certificate. Find a way to organize all of this so that you don’t get flustered when asked to produce any paperwork.

Organize Finances

You’ll also need to organize your finances when you go to organize for your divorce. You should have a list of bank accounts as well as a list of who controls each and know the rough balances. You should also know all of your various loans, including mortgage info, credit card info, and any student loans. It’s a good idea to make a list of your assets, both your personal and marital assets.

Potential Calendar

Finally, one last thing that you can try to organize for your divorce is your schedule. You might not really know exactly how the child custody arrangement is going to work out. However, you can still get a school calendar and have some idea of which holidays and events you’d like to make sure and be a part of. You can also look at your work calendar and highlight any days that you will be out of pocket. That way you can ensure that you won’t need to be in court during those times. It’s always a good idea to organize your divorce before it even starts. That way you won’t be scrambling to find documents or hire a babysitter spur of the moment. This can just lead to some added stress. And when going through a divorce, extra stress is the last thing you need. Organize your contact list for people you might need to interact with during the divorce. It’s also a good idea to organize your legal documents and finances. And finally, try to plan out your calendar in advance so that you have some idea of what you’d like your custody schedule to look like. Hopefully, getting organized before your divorce even starts will make the whole process smoother and quicker for you.